The World Trade Organization (WTO) seems incapable of bringing its members together in a binding agreement to complete the Doha round of trade talks, and yet countries are still queuing to join.
In September 2003, talks being held in Cancun, Mexico, collapsed in the face of irreconcilable differences between rich and poor countries. In December 2005, another make-or-break WTO meeting failed in Hong Kong.
Director-General Pascal Lamy reported to the WTO General Council on 1 May 2012 that, with regard to the Doha Round, “my conversations over the past few weeks with Ministers and delegations have provided me with a sense that Members wish to continue to explore any opportunities to gain the necessary traction and make tangible progress soon”.
So not yet dead, but certainly not about to come to a conclusion any time soon.
Nevertheless, the WTO remains open for business and countries continue to make their way through the long accession process, with the two most recent recruits being Montenegro and Samoa.
They have become respectively the WTO’s 154th and 155th member after both informed the WTO that they had accepted their membership package. Under WTO rules, a country becomes a member 30 days after national ratification.
As part of their accession commitments, both have agreed to further liberalise their trade regime and to accelerate integration in the world economy. The countries have also pledged to provide a transparent and predictable environment for trade and foreign investment.
Samoa has promised to fully implement the WTO Customs Valuation Agreement by June 2012.
See the WTO website for details of the accession package agreed by both countries.
Avoiding video call fatigue – I’ve got the video blues
In this weeks episode of Impromptu Business Chat, James and Mark share their experiences of the video blues. Since the first lockdown, businesses have become ever more reliant on video calls, but is it now starting to impact our metal health and wellbeing. As usual they share 3 top tips, and along the way they draw inspiration from Harvard Business Review, Jeannette (Pritchard) Pearce MBE and Huey Lewis & The News!
If you enjoy this episode, please subscribe on Apple Podcasts, Spotify, or wherever else you get your podcasts. Whilst you are there, please like us, and leave a comment. We would love to hear what you are enjoying about the podcast, and it helps others to find us!
Food and Farming Minister Jim Paice has recently visited China on a mission to open up trade for Britain’s farming, food and drink sector.
“Food and farming already plays a vital role in the UK economy but I believe there are still great opportunities for growth in emerging markets like China,” he explained. “We need to keep ahead of the game by developing strong trade relationships with the world’s second largest economy.”
China’s growing middle class is increasingly buying foreign food and drink, seeing it as aspirational and recognising its high quality.
Whether it is Scotch whisky or frozen lobster, artisan crisps or malt drinks, an increasing number of British favourites are becoming supermarket staples, the Minister claimed.
He was looking to build relationships with key retailers and importers to smooth the path for British producers looking to make their mark in China. At the same time he was also promoting high quality breeding pigs from UK producers.
China is the world’s biggest market for pig meat and, at the end of his visit, the Minister announced a £50 million trade deal to sell British pork.
As well as the trade in breeding pigs, Mr Paice promoted the skills and technologies available in the UK to support breeding programmes, which have the potential to be even more lucrative.
With an employment rights report, commissioned by the Prime Minister from a leading venture capitalist,a second publication has appeared with the aim of making life easier for businesses.
The TaxPayers’ Alliance (TPA) and the Institute of Directors (IoD) have put forward a comprehensive plan for growth which they describe as the culmination of 18 months’ evidence gathering by the 2020 Tax Commission and the start of a major new campaign.
A joint project by the TPA and IoD, the Commission in its final report calls for “radical but realistic reform” of the UK tax system including the abolition of eight taxes and the creation of just one – a Single Income Tax.
According to a full analysis of the proposals by the Centre for Economic and Business Research (Cebr), a leading economics consultancy, the changes would increase GDP by 8.4% over 15 years – equivalent to an additional £5000 per family in 2012-13.
Among other recommendations, the report suggests that marginal tax rates should not exceed 30%, and the personal allowance should rise to £10,000. Taxes on capital and labour income “disguised as business taxes” should be abolished and replaced with a tax on distributed income.
Furthermore, transaction, wealth and inheritance taxes should be abolished while transport taxes should be cut.
Income Tax and Employees’ and Employers’ National Insurance should be merged into a single tax on labour income, with rates levelled down so that certain groups do not face higher bills.
Corporation Tax and Capital Gains Tax should be replaced with a single tax on capital income – dividends, interest and rent – at a rate of 30%.
Allister Heath, Chairman of the 2020 Tax Commission, concluded: “It is time for Britain to make a vital choice between tweaking the status quo and letting our economy continue to be crippled by complex and punitive taxes, and drastically changing course with a radical but realistic plan for a tax system fit for the 21st century.”
Open Banking is a safe way to share financial data, but have you heard of it?
We are always trying to make life easier for our customers, and Open Banking is a secure way to give providers access to your financial information.
We often need to see bank statements or accounts to help assess a finance application, and Open Banking is a smooth, easy process that not only saves time but is highly secure, enabling the customer to get their approval of finance quickly.
Open Banking is a relatively new product that has come to the fore as a result of the Covid-19 pandemic. It really started to take off during the second lockdown.
Sales Executive Jack Cleaver said: “It is another new way to help our customers.
“They don’t have the worry of sending confidential financial information on email. Everything is encrypted and you have a password.”
Open Banking means you can share your financial data with apps and websites but only with companies that have passed industry security checks so it safe and secure.
“It is something we have now adopted since the second lockdown. We have been doing it for a little while now and it is working really well. People are realising it is easy and seeing the benefits of it.
“There is so much written about it now that people are realising Open Banking is an easy way to go. It helps customers and us because we can see the documents in a perfect format, no more poorly scanned documents!”
Open Banking is another reason to contact us today for a quick and easy way to secure finance. So for more information on this or any other service we provide please do not hesitate to call us.
Leading tax and accounting franchise opportunity promoted in the UK, Canada, USA and Australia as expansion continues apace.
In a first for the established small business accounting franchise, TaxAssist Accountants held multiple Discovery Sessions in the same month across the globe, as it continues with its ambitious expansion plans.
For David Paulson QFP, Senior Vice President, Franchise Development, it is milestone moment, and the realisation of years of planning.
“Expansion across North America and Australia, as well as the UK and the Republic of Ireland has been a long term aim of The TaxAssist Group, and the interest we are now experiencing is very encouraging,” he said.
“We are promoting single unit franchise opportunities, as well as area representative opportunities in the USA. The sessions provide an overview of the range and depth of technical, marketing and business development support on offer through the franchise, and the scope and potential of the business model.
“I am involved in all of the online Discovery Sessions, alongside senior colleagues from both the UK and host countries, choosing a convenient time that works well across different continents, resulting in very positive feedback received from delegates.
“I’d encourage anyone who is thinking about running their own accounting practice for small businesses to get in touch. There is a huge demand for the services of a quality accountant right now – and will continue to be – as clients reach out for help to understand what their business is doing, how to access finance, plan for the future and make key business decisions. The visibility of our shop premises means we are ideally situated to attract and support clients, while offering our accountants the ability to build substantial practices.”
If you are interested in attending one of our online Discovery Sessions, please follow this link which will direct you to your country of interest.
The Government understands the importance of trade and investment to delivering long-term growth and prosperity in the UK and around the world. The Government’s strategy on trade and investment was detailed in the White Paper, “Trade and Investment for Growth”, which was published in February 2011.
The White Paper identified three key goals:
help UK business trade and invest more and in new markets
attract investment to the UK
strengthen the multilateral trading system, including helping developing countries benefit from trade and investment.
ONE YEAR ON….
It has been just over a year since the Government launched the White Paper. Led by the Department for Business, Innovation and Skills, and working closely with UK Trade and Investment and the Foreign and Commonwealth Office, the White Paper advocated a whole of government approach to trade and UK growth.
The Minister of State for Trade and Investment, Lord Green, has recorded a short message to acknowledge some of the achievements and challenges of the first year of implementation
Lord Green also said:
“We’re now one year on from the launch of the White Paper. I am pleased to report that we have laid much of the necessary groundwork and made some real progress. However, we are taking a long term approach and our strategy cannot be secured in just one year; this is a marathon, not a sprint.”
“Trade and investment are absolutely fundamental to rebuilding and rebalancing our economy. The UK has a strong history as a trading and investing nation and continues to be one of the world’s most attractive places to do business, but the world is changing and we cannot be complacent.”
“Encouraging businesses to export more is at the very heart of our approach. We need to ensure business, especially our small businesses, have all the tools they need to flourish, that we strengthen and improve our relationship with trade partners around the world, that we fight protectionism and ensure poor countries can benefit fully from free and fair trade.”
In supporting trade and investment in 2012, the Government will prioritise five key areas of activity:
1) Roll-out of the SME exporting campaign, to double outreach to companies to 50,000 per year by 2015 over the next few years.
This will see conferences in every region of the country; active engagement with support networks; targeted support of SMEs at trade fairs and on trade missions; and e-networking of SMEs to support mentoring and experience-sharing.
2) Marketing high value opportunities in fast growing markets
This will involve an ambitious programme of conferences and other country-specific activities, along with trade missions for key sector providers, including SMEs.
3) Showcasing inward investment opportunities, especially in key economic infrastructure developments and building on our world-class science base
This will include more proactive identification of major overseas investors; special programmes for strategically important countries; and a major and sustained client marketing progress.
4) Working to ensure a supportive financing environment for exporting and investment
This means close engagement with banks on trade finance; expanding UK Export Finance marketing efforts; and active marketing of international venture capital providers and angel investors.
5) Seizing the one-in-a-lifetime potential of the London 2012 Olympics and Paralympics through a major international business programme aimed at boosting British exports and attracting inward investment
Over the coming months they will also:
Support the EU to conclude Free Trade Agreements with India, Singapore and Canada; and open negotiations with Japan
Agree more elements of Doha; and
Find ways to press forward the international trade agenda with like-minded countries.
The Government’s commitment to open trade and investment is ambitious and long-term. It has already secured some key achievements. Their focus now is to build on this, and ensure the UK’s future prosperity
On 30 May Charles Bean, Bank of England spoke to a packed Norfolk Chamber Breakfast at Norwich City Football Club. It was a terrific opportunity for him to speak with local business people and it is great that the Chamber are able to bring their members closer to organisations such as the Bank of England.
To read more on Charles’ view on the Norfolk economy, click here
In this episode of Business Insights Chat, MHA Larking Gowen partner Ian Fitch talks to Susanna Rendall, group managing director of The Boxford Group. The group owns the award-winning Stoke-By-Nayland Resort, Peake Fruit Ltd and Boxford Suffolk Farms.
Susanna talks candidly and in depth about the challenges that lockdown, and Brexit, have had on their businesses. She focuses on recruitment, and why they reached out to the community during the last year. Susanna also discusses what life is like in a family-run business. There are tales of pressing apples at her mother’s kitchen table, and how she’s learnt that if a vote is needed, perhaps it’s a sign that it’s not the right move.
Susanna believes passion is key to running a successful business – love your product – and that just because your business is getting bigger, it doesn’t mean it’s better! She talks about how important it is to be agile; to do your research when starting up; how knowing your weaknesses is key; and that you shouldn’t be afraid to ask for help.
Susanna’s diverse sector experience and work history, which includes hosting Manchester United FC and Annie Lennox, and being approached by Tropicana, make for inspirational listening. And her analogy of how business is like a marriage and subsequent divorce, is a gem not to be missed!
You can listen to Business Insights Chat on Apple Podcasts, Spotify, or wherever else you get your podcasts. Subscribe now to make sure you don’t miss out on next week’s episode with William Coe, from Coes.
The New Anglia Local Enterprise Partnership is leading the UK’s transition to a green economy.
On Monday 11th June New Anglia Local Enterprise Partnership will present its Green Economy Pathfinder Manifesto to Government at a reception in the Houses of Parliament.
Attendees will include business leaders, representatives from Government departments, environmental organisations, local authorities and community groups.
The Manifesto, called ‘Leading the Way’, sets out the barriers and opportunities for sustainable economic growth, goals and aspirations and features case studies of business and organisations which are leading the way in developing the green economy.
The Manifesto represents the opportunity to embed good practices in the region’s green economy, across businesses and organisations, locally.
New Anglia helps to grow jobs and remove the barriers to business growth in Suffolk and Norfolk. It is committed to leading the transition towards a green economy, delivering benefits across the region and nationally.
International best practice highlighted by the Manifesto ranges from cutting edge research on the Norwich Research Park to eco-building techniques being pioneered in housing developments across Suffolk and Norfolk.
The Government invited New Anglia to take the lead on the development of the green economy last November and report back with recommendations on how the UK can seize the opportunities presented by the green economy.
Andy Wood, Chairman of New Anglia Local Enterprise Partnership and Chief Executive of Adnams plc said: “The New Anglia area has a wide range of energy resources, which is why we are ideally placed to lead the growth of the green economy.
“New Anglia is committed to building the green economy in a sustainable way and to share our knowledge and expertise across the UK.
“There will be a 45% projected growth in the low carbon and environmental market by 2012/15 and we want to place the green economy at right at the heart of business success – because it makes good business sense.”
Mark Pendlington, the Director, Anglian Water Group, chairs New Anglia’s Green Economy Pathfinder Board.
“New Anglia has brought together a group of talented people with specialist expertise to develop the Green Economy Pathfinder Manifesto”, said Mr Pendlington.
“As part of the Manifesto we have featured case studies of some innovative organisations which are at the cutting edge of developing services and products which will drive forward the green economy.
“The Manifesto provides a route map for all businesses large and small to seize the exciting opportunities of green growth. This will create and secure jobs and help our goods and services to compete and win the global marketplace. It’s a route to economic recovery, and we want businesses in Norfolk and Suffolk to be leading the way – by example.”
The Manifesto will be published on the afternoon of Monday 11th June on the website www.newanglia.co.uk.
Eurozone problems increases pressure for more QE, but encouraging business lending would be more effective
Commenting ahead of the MPC decision tomorrow (Thursday), David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“Most analysts expect the MPC to maintain its current policy at the June meeting, with interest rates staying at 0.5% and the Quantitative Easing (QE) programme at £325bn. However, demands for more QE have started to rise due to the worsening crisis in the Eurozone and signs that the US and Asian economies are slowing. More QE will have only marginal effects in boosting growth. But if the pressure facing Spanish banks puts the UK financial system at risk, an increase in QE may be necessary. In the meantime though, the MPC should focus on boosting the flow of credit to businesses.
“Weaknesses in business lending can be best addressed by the creation of a fully-fledged business bank. The MPC can also help by reconsidering its reluctance to purchase assets other than gilts, such as securitised SME loans. This would make the banks less risk averse and would help to remove one of the main obstacles to sustaining a recovery in the UK. We believe that if the MPC purchased private sector assets, this would encourage growth, rather than increasing irresponsible lending or interfering with credit allocation.”
Better Broadband for Norfolk Information Sheet 6 (8 June 2012) In May 2011 Norfolk County Council was successful in its bid to secure Governmentfunding to help provide improved broadband speeds and access across Norfolk.
In January 2012 we launched the ‘Say Yes to Better Broadband in Norfolk’ campaign andasked people to register their interest in receiving better broadband so that we coulddemonstrate the demand that exists in the county.
We want to keep the people of Norfolk informed and updated about the project and thework that is underway to provide better broadband services in the county. Please visitwww.norfolk.gov.uk/sayyesnorfolk for more information on the project.
What’s happened since the last update? We’re currently in the procurement phase of the project. This means that we’re indiscussions with potential private sector partners who will help us deliver the betterbroadband project in Norfolk. Because this is a competitive bidding process, we can’t gointo any further detail at this stage. We hope to be able to tell you more in the nextinformation sheet.
Is there anything else happening? We have got another opportunity for people to ‘Say Yes’ to better broadband in personcoming up – you’ll be able to register your interest in the Norfolk County Council tent at theRoyal Norfolk Show on Wednesday 27 and Thursday 28 June. You can also talk tomembers of the Better Broadband for Norfolk team at the show and find out more about theproject.
It’s still important that anyone who might be interested in receiving better broadband saysyes so that the project has as much information about demand for broadband services inNorfolk as possible.
If you’re not coming to the Norfolk Show, you can still sign up on the Say Yes website(www.norfolk.gov.uk/sayyesnorfolk) or by ringing 0344 800 8023 until later this summer. We’re fewer than 100 ‘yeses’ away from 15,000 since we launched the campaign inJanuary and that would be a nice milestone to pass!
If you require further information please telephone Norfolk County Council on 0344800 8020.